How I saved my new client $788 in missed GST credits

Today I am here to share another example of why it is always better to leave your Bookkeeping to Bookkeeper! And more specifically a BAS Agent.

I recently started working with a new client who had only just started in January. He had been doing his own bookkeeping and lodged his own Mar BAS. He was probably pretty wrapped with his $256 refund. But he also didn't have time to keep doing the bookkeeping and was a bit worried he might not be doing things correctly.

I took over, and discovered a lot of errors. Lucky he had only been winging it and flying solo for a few months and not any longer! He had transactions allocated to the incorrect account and tax codes, causing issues on his Balance Sheet. If you don't know what a Balance Sheet is, you should definitely leave the Bookkeeping to a professional! The reason for this is that we know the implications of putting things to the wrong codes.

The end result was an amended BAS being lodged by myself for $1044 refund. So the ATO then refunded my happy new client the $788 difference.

It might not be a lot of money to some, but it was to my client and it is much better in his pocket than the ATO's!

Make sure you get it right the first time by hiring a Bookkeeper and you will save yourself time and money!